THE ONEPLUS 7 will officially launch next month and ahead of its release there's some good and bad news for fans.

There's a massive month ahead for OnePlus fans with the Chinese technology firm expected to reveal its new OnePlus 7 on May 14.

Although not confirmed it seems that two new devices could be unveiled in a few weeks time offering followers of this brand some exciting news.

The standard OnePlus 7 appears to be pretty similar to what's currently on offer from the OnePlus 6T with latest leaks showing this device getting a screen with a small teardrop notch and a dual-lens camera on the rear.

Under the hood, we're expecting this phone to get a faster processor and perhaps a bigger battery that may get the ability to be refilled wirelessly.

Another change that might only be available on the Pro is a faster display that could boast a 90hz refresh rate as opposed to the 60hz present in most other smartphones.

In fact, OnePlus CEO founder and CEO, Pete Lau, has already declared the tech giant's next phone will "utilise all-new display technology" and iterated significant investment has been made in this area.

In a tweet, he said: "Indeed, our new product will utilise all-new display technology.

"We have invested significantly (technology is 3-times the cost of other flagship displays) in developing the technology just for OnePlus, a flagship screen experience that is truly best in the world."

One final new feature could be the inclusion of 5G technology which will allow the OnePlus 7 Pro to access superfast download speeds.

5G is the next generation of mobile networks and will offer improved reliability and the chance to access the web at over 100Mbps.

So that's the good news for the OnePlus faithful but there could also be some less happy announcements coming their way.

OnePlus 7 Pro could be hugely expensive (Image: WAQAR KHAN)

OnePlus 7 release (Image: ONEPLUS)

OnePlus has always offered incredible value for money with their phones featuring impressive specs at an affordable price.

For example, the OnePlus 6T can currently be picked up for under £500 which is vastly cheaper than many of its Android rivals.

Sadly, it seems that if you want to buy the more impressive OnePlus 7 Pro phone you're going to have bigger pockets.

According to reports from Android Central and Tech Enthusiast Ishan Argwal, the main OnePlus 7 Pro model with 8GB of RAM and 256GB of storage is going to cost €749 in Europe.

Meanwhile, a model with the same 256GB of storage, but 12GB of RAM on board will ask for €819.

If those prices are real it puts this new phone firmly in the flagship market and will mean OnePlus will have to take on some impressive rivals.

We'll have to wait and see exactly what OnePlus reveals next month and, if prices are that high, if fans are prepared to pay so much more for these devices.